Required Fintech Reading: Feb 1 - 6

"Gonzalez is banking on a collapse in costs as BBVA moves more customers to online and smartphone banking, noting a 104% growth rate in mobile banking customers over the past year. He says banks are entering a new world, as tried and trusted marketing methods are replaced by more precise data and analytical insights on customer behaviour and trigger points for buying financial products."

Millennials Seduced By Big BanksRob Rubin shows that the typical Millennial who switches financial institutions places a premium on digital products and convenience.

"The largest banks have been able to extend the notion of convenience beyond physical branches through advertising and messaging. For example, Chase and Bank of America have recently been advertising about ApplePay, with a focus on convenience."

Banks Can’t Have Innovation Because False Certainty Kills ItSimon Taylor says that banks and credit unions are slow to innovate because every decision has to run through a series of committees for approval. This process gives financial institutions the false sense that they're making the right decision, when in reality the final result is often terrible and too late.

What you should know about fintech and its positive powersThe Guardian's Hannah Gould highlights three reasons fintech is a force for good: 1. Greater financial inclusion for those who are currently unbanked 2. More transparency 3. Greater access to funds. She also talks about the enormous rise in fintech investment.

"Many banking executives are feeling immense pressure to devise the perfect customer experience—an experience that takes advantage of digitization to provide customers with cross-channel, targeted, just-in-time product or service information in an effective and seamless way. This pressure is justified. During the next three to five years, we’re likely to see a radical integration of the banking experience across physical and virtual environments."